Argo Blockchain reports higher revenues, expanded margins in January

() has updated on its cryptocurrency mining operations for the first month of 2021, highlighting higher revenues and expanded margins over the period.

The company reported that its mining revenues for January were £2.48mln. up from £1.63mln in December, while its average monthly mining margin rose to 71% from 60% a month ago.

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At the end of the month, Argo said it held 501 Bitcoin and Bitcoin Equivalent (BTC), adding that during the second half of January it had purchased 172.5 BTC as part of its asset management strategy.

The company also said its subsidiary, Argo Innovations Labs Inc, has signed a share purchase agreement with GPU.one, a Canadian data centre provider, for the strategic purchase of two data centres in the province of Quebec. The facilities are currently owned and operated by GPU.one and house a portion of Argo’s mining equipment.

Argo said the purchase of the centres will provide it with “long term stability and direct control over the facilities”, adding that it expects the purchase to close in the coming weeks and will be funded through its existing deposits with GPU.one as well as a small cash consideration.

“I am thrilled that Argo has delivered our best month in the company’s history in both mining revenue and profits. The year has started off very strong. I’m also pleased we have signed the Share Purchase Agreement with GPU.one, an important step in us closing this transaction, and taking over those facilities ourselves”, Argo chief executive Peter Wall said in a statement.